Singapore Grants update: Singapore Government provides a new Capability Development Grant
Productivity & Innovation Credit and Capability Development Grant – Are you eligible?
Capability Development Grant
- Registered and operating in Singapore
- At least 30% local shareholding
- Group annual sales turnover ≤ S$100m or group employment of ≤200 employees
For more information, please contact:
Productivity & Innovation Credit
We recently asked the Inland Revenue Authority of Singapore (IRAS) if our clients were eligible for PICredit for JXT’s SAAS platform this was their email back, we hope it helps!
“For YA 2011 to YA 2015, all businesses can enjoy deduction/allowances at 400% on up to $400,000 of their expenditure per year on each of the six qualifying activities. The six activities that will qualify for PIC benefits are:
- Acquisition or leasing of PIC Information Technology (IT) and Automation Equipment;
- Training of employees;
- Acquisition and in-licensing of Intellectual Property Rights;
- Registration of patents, trademarks, designs and plant varieties;
- Research and development activities; and
- Investment in approved design projects.
All businesses (i.e. sole-proprietorships, partnerships, companies) carrying on a trade or business to produce income in Singapore are eligible for PIC, if they have incurred expenditure in any of the six qualifying activities. Investment holding companies and dormant companies are some examples of companies that do not qualify for PIC. You can refer to our FAQ (#1 to 7) for more information: http://www.iras.
Payments by businesses for cloud computing services (such as Software-as-a-service, Platform-as-a-service, Infrastructure-as-a-service) will count as investment in PIC Information Technology (IT) and Automation Equipment and businesses can claim for such payments under the PIC scheme. Expenditure, including those paid on a monthly basis, incurred on procuring cloud computing services will qualify for PIC.
For more information, you may wish to refer to our Frequently Asked Questions (FAQ 16 to 18 on Cloud Computing) at http://www.iras.gov.sg/
Details of the PIC scheme are available for companies on our website at http://www.iras.gov.sg/
To facilitate businesses’ understanding of the PIC scheme, IRAS is conducting a series of seminars. Please inform your clients to visit the IRAS website at https://seminarsevents.
For clarifications on the specific tax matters of your client, please inform your client to contact us directly.”
Inland Revenue Authority of Singapore (IRAS)
Corporate Tax Helpline: 1800 356 8622 | (65) 6351 4360 (fax) | http://www.iras.gov.sg | http://twitter.com/IRAS_SG
For more information, please contact: